IQ iQIYI, Inc. - American Depositary Shares
NASDAQ · Media · View on SEC EDGAR ↗ close Oct 2, 2026 10-K/10-Q Mar 16, 2026IQ Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
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About iQIYI, Inc. - American Depositary Shares Company overview from Wikipedia
iQIYI (Chinese: 爱奇艺; pinyin: Àiqíyì, pronounced in English as eye-CHEE-yee), formerly Qiyi (奇艺; Qíyì), is a Chinese subscription video on-demand over-the-top streaming television service owned by Baidu. Headquartered in Beijing, iQIYI primarily produces and distributes films and television series.
iQIYI is currently one of the largest online video sites in the world, with nearly 6 billion hours spent on its service each month and over 500 million monthly active users. On March 29, 2018, the company issued its initial public offering in the United States and raised $2.25 billion.
History
2010s
Qiyi was founded on January 6, 2010, by Baidu with support from Providence Equity Partners. It changed its name to iQIYI in November 2011. On November 2, 2012, Baidu bought Providence's stake and took full ownership. On May 7, 2013, Baidu purchased the online video business of PPStream Inc. for $370 million, which later became a subsidiary of iQIYI. On July 17, 2014, the site launched its film production division, iQIYI Motion Pictures, to expand existing cooperative projects with overseas peers, including purchasing releases and co-producing movies. On September 4, iQIYI collaborated with the Venice Film Festival, streaming the festival's movies online. In August 2014, iQIYI generated over 6.95 billion hours of viewing on its website. In October, iQIYI participated in the Busan Film Festival, signing exclusive rights to nearly 100 South Korean titles. On November 19, 2014, Xiaomi and Shunwei Capital invested $300 million in iQIYI for about 10 percent to 15 percent of the site, while Baidu invested an additional $100 million and held about 80 percent.
In September 2014, iQIYI had established a Chinese Communist Party (CCP) committee inside the company, according to the official newspaper of the Central Committee of the Chinese Communist Party, the People's Daily. In November 2014, following the National Radio and Television Administration's ban on all live-streaming of American TV shows, iQIYI's vice editor-in-chief defended the ban, stating that such content was against "socialist values."
On December 8, 2014, iQIYI's chief content officer, Ma Dong, said the portal planned to more than double original production in 2015, with at least 30 titles and 500 episodes on the slate compared to 13 in 2014. In 2015, iQIYI purchased the streaming rights to eight top entertainment shows in mainland China and several entertainment shows in Taiwan and South Korea, including Running Man. In March 2016, it was announced that it would launch in Taiwan. In June 2016, it was reported that it had 20 million subscribers.
In June 2014, iQIYI co-produced and distributed the drama Mysterious Summer with major Japanese broadcaster Fuji TV. It was the first drama co-production between China and Japan and has been viewed more than 60 million times as of October 2014.
In 2017, the People Daily reported that two thirds of high-level staff in iQIYI's content department were CCP members.
On April 25, 2017, Netflix (which does not operate at all in China) announced that it had reached a licensing deal with iQIYI, under which some Netflix original productions would be available on iQIYI day-and-date with their premieres worldwide. In December 2017, Nintendo and Nvidia announced a partnership with iQIYI.
In November 2018, iQIYI announced that it was raising new cash. The video business said that iQIYI raised issue $500 million in convertible senior notes. Proceeds from the offering will go towards content and technology investments as well as capped call transactions to reduce potential dilution to shareholders upon conversion of the notes.
2020s
iQIYI has not been available in Taiwan since October 15, 2020 due to a ban on partnerships with mainland Chinese video streaming companies after iQIYI was found to be used by China's Taiwan Affairs Office for conducting united front activities on the island.
In December 2020, iQIYI opened a new office in Singapore at Robinson Road to serve as the regional headquarters for Southeast Asia.
In 2020, iQIYI announced the production of My Roommate Is a Gumiho as its first Korean Original Series. Due to positive reviews over their first self-produced series, which starred Jang Ki-yong and Girl's Day member Lee Hye-ri, iQIYI expressed that they gained confidence in releasing more original Korean dramas produced under its name, like their announced upcoming productions of dramas like Bad and Crazy (starring Lee Dong-wook, Han Ji-eun and Wi Ha-joon) in 2021 and Shooting Stars in 2022, with the hope of expanding their potential in the production of original Korean shows.
iQIYI also began to expand its horizons by producing Southeast Asian shows to stream as iQIYI originals for more viewership. In August 2021, iQIYI streamed a Singaporean drama titled The Ferryman: Legends of Nanyang, which was its first Southeast Asian original series starring local actors from Singapore like Lawrence Wong and Qi Yuwu and Taiwanese actress Kate Kinney. The drama is also a remake of the 2014 Chinese drama series, but in a Southeast Asian setting.
In October 2021, iQIYI and Thema went into a partnership to launch their services on Netgem TV in the United Kingdom and Ireland, with iQIYI hoping to distribute Asian content on European media to create a larger global audience.
During the 26th Busan International Film Festival, iQIYI partnered with Philippine broadcaster ABS-CBN to produce Saying Goodbye and Hello, Heart as the first two original series from the country, which aired later that year.
In May 2022, iQIYI Sports announced a streaming rights request for the Italian football competition Serie A. This marks the fifth acquisition since the expansion into the sports market after acquiring streaming rights to other sporting events such as UEFA, AFC. The same month, iQIYI removed all movies of Keanu Reeves after he appeared at a virtual event hosted by Tibet House US due to its linkages with the 14th Dalai Lama.
Reception
In 2019, Taiwan's Institute for National Defense and Security Research reported that iQIYI is used by China's Taiwan Affairs Office to further united front efforts on the island. In response, Taiwan banned the company.
In April 2020, activist investors, including Muddy Waters Research, accused iQIYI of overstating its revenue and subscribers. Short-seller Wolfpack Research also accused the company of inflating revenue numbers. In August 2020, it was announced that the U.S. Securities and Exchange Commission subsequently launched an investigation into iQIYI. Later in early October 2020, iQIYI made a statement that an internal review into the allegations of fraud made by the American short seller Wolfpack Research, "did not uncover any evidence that would substantiate the allegations." The internal review had been conducted by an independent audit committee, which included "a Big 4 accounting firm that is not the Company's auditor."
In June 2020, the Beijing Internet Court sided with a customer who sued the company for breaching the terms and conditions of the 'VIP' subscription. iQIYI had charged additional fees for pre-screens of dramas, although paying customers were promised access at no extra charge.
Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗
10-Year Performance Revenue, net income, margins and EPS trends
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
| Metric | 5Y trend | IQ | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| P/S | 0.25Y avg ≈0.8 | ≈0.8 | · | · | |
| P/B | 0.55Y avg ≈2.9 | ≈2.9 | · | · | |
| EV / EBITDA | 23.05Y avg ≈16.7 | ≈16.7 | · | · | |
| Price / FCF | 670.65Y avg ≈235.7 | ≈235.7 | · | · | |
| Price / Cash Flow | 63.35Y avg ≈-64.6 | ≈-64.6 | · | · | |
| EV / Revenue | 0.25Y avg ≈0.7 | ≈0.7 | · | · | |
| EV / FCF | 526.75Y avg ≈210.5 | ≈210.5 | · | · | |
| Price / Tangible Book | 0.75Y avg ≈10.6 | ≈10.6 | · | · |
Peer median is calculated on a standardized basis per metric and may not always match the TTM/MRQ basis shown for this stock.
Profitability Gross, operating and net margins; ROE, ROA, ROIC
| Metric | 5Y trend | IQ | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Operating Margin | 0.84%5Y avg ≈1.3% | ≈1.3% | · | · | |
| EBITDA Margin | 0.84%5Y avg ≈1.3% | ≈1.3% | · | · | |
| Pretax Margin | -0.22%5Y avg ≈-2.1% | ≈-2.1% | · | · | |
| Net Profit Margin | -0.76%5Y avg ≈-2.6% | ≈-2.6% | · | · | |
| ROA | -0.45%5Y avg ≈-1.7% | ≈-1.7% | · | · | |
| ROE | -1.6%5Y avg ≈-12.3% | ≈-12.3% | · | · | |
| ROIC | 4.8%5Y avg ≈6.3% | ≈6.3% | · | · |
Financial Health Debt, liquidity, solvency — balance sheet strength
| Metric | 5Y trend | IQ | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Debt / Equity | 0.25Y avg ≈0.4 | ≈0.4 | · | · | |
| Current Ratio | 0.55Y avg ≈0.5 | ≈0.5 | · | · | |
| Quick Ratio | 0.35Y avg ≈0.3 | ≈0.3 | · | · |
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Not enough fundamentals data to compute this ratio group yet.
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
| Metric | 5Y trend | IQ | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Asset Turnover | 0.65Y avg ≈0.7 | ≈0.7 | · | · | |
| Receivables Turnover | 11.65Y avg ≈12.0 | ≈12.0 | · | · | |
| Revenue / Employee | ≈$5.9M | · | · | · |
value · ≈ 5Y avg · industry median · verdict relative to median
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
| Period | Report | EPS Actual | EPS Est | Surprise |
|---|---|---|---|---|
| June 30, 2026 | Aug 18, 2026 | $-0.30 | $-0.17 | -76.5% |
| March 31, 2026 | May 18, 2026 | $-0.31 | $-0.27 | -16.9% |
| Dec. 31, 2025 | $-0.01 | $-0.02 | 41.9% | |
| Sept. 30, 2025 | $-0.26 | $-0.27 | 4.8% | |
| June 30, 2025 | $-0.14 | $-0.24 | 41.7% | |
| March 31, 2025 | $0.19 | $0.16 | 15.3% |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $27.29B | $29.23B | $31.87B | $29.00B | $30.55B | $29.71B | $28.99B | $24.99B | $17.38B | $11.24B | |
| Cost of Revenue | $21.54B | $21.95B | $23.10B | $22.32B | $27.51B | $27.88B | $30.35B | $27.13B | $17.39B | $11.44B | |
| R&D Expense | $1.66B | $1.78B | $1.77B | $1.90B | $2.79B | $2.68B | $2.67B | $1.99B | $1.27B | $824M | |
| SG&A Expense | $3.86B | $3.68B | $4.01B | $3.47B | $4.73B | $5.19B | $5.24B | $4.17B | $2.67B | $1.77B | |
| Operating Expenses | $27.06B | $27.41B | $28.88B | $27.69B | $35.03B | $35.75B | $38.25B | $33.30B | $21.33B | $14.03B | |
| Operating Income | $229M | $1.81B | $2.99B | $1.31B | $-4.48B | $-6.04B | $-9.26B | $-8.31B | $-3.95B | $-2.79B | |
| Interest Expense | · | · | $1.13B | $715M | $1.35B | $1.07B | $914M | $95M | $278M | $110M | |
| Interest Income | $334M | $272M | $257M | $70M | $119M | $157M | $402M | $214M | $83M | $17M | |
| Other Non-op | $45M | $-90M | $73M | $-319M | $90M | $147M | $-110M | $192M | $2M | $61M | |
| Pretax Income | $-60M | $852M | $2.03B | $-34M | $-6.01B | $-6.98B | $-10.22B | $-8.98B | $-3.74B | $-3.06B | |
| Income Tax | $145M | $61M | $80M | $84M | $97M | $23M | $52M | $79M | $-8M | $13M | |
| Net Income | $-206M | $764M | $1.93B | $-136M | $-6.17B | $-7.04B | $-10.32B | $-9.11B | $-3.74B | $-3.07B | |
| EPS (Basic) | · | · | · | · | · | · | · | · | $0.30 | $-23.20 | |
| EPS (Diluted) | · | · | · | · | · | · | · | · | $-1.15 | $-23.20 | |
| Shares (Basic) | · | · | · | · | · | · | · | · | 342,548,237 | 342,548,237 | |
| Shares (Diluted) | · | · | · | · | · | · | · | · | 3,243,147,261 | 342,548,237 | |
| EBITDA | $229M | $1.81B | $2.99B | $1.31B | $-4.48B | $-6.04B | $-9.26B | $-8.31B | · | · |
Balance Sheet
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $4.35B | $3.53B | $4.43B | $7.10B | $3.00B | $10.92B | $5.93B | $4.59B | $733M | · | |
| Short-term Investments | $315M | $942M | $942M | $818M | $1.35B | $3.36B | $4.58B | $6.06B | $780M | · | |
| Receivables | $2.52B | $2.19B | $2.17B | $2.40B | $2.75B | $3.34B | $3.63B | $2.89B | $2.24B | · | |
| Prepaid Expense | $2.41B | $2.19B | $2.79B | $2.60B | $3.27B | $3.52B | $3.72B | $2.70B | $1.12B | · | |
| Current Assets | $10.29B | $9.53B | $12.64B | $13.79B | $11.52B | $22.29B | $20.27B | $19.85B | $5.70B | · | |
| PP&E (Net) | $903M | $878M | $864M | $1.10B | $1.34B | $1.39B | $1.75B | $1.62B | $1.25B | · | |
| PP&E (Gross) | $2.22B | $2.32B | $2.58B | $2.89B | $3.25B | $3.23B | $3.31B | $2.81B | $2.24B | · | |
| Accum. Depreciation | $1.56B | $1.54B | $1.74B | $1.79B | $1.92B | $1.86B | $1.63B | $1.26B | $997M | · | |
| Goodwill | $3.82B | $3.82B | $3.82B | $3.83B | $3.89B | $3.89B | $3.89B | $3.89B | $3.28B | · | |
| Intangibles | $217M | $290M | $310M | $437M | $545M | $627M | $814M | $1.68B | $428M | · | |
| Total Assets | $46.68B | $45.76B | $44.59B | $46.05B | $42.47B | $48.19B | $44.79B | $44.76B | $20.20B | · | |
| Accounts Payable | · | · | · | · | · | · | · | $10.16B | $7.04B | · | |
| Accrued Liabilities | $1.95B | $1.90B | $1.91B | $1.84B | $2.28B | $2.26B | $2.61B | $2.70B | $2.08B | · | |
| Short-term Debt | $2.49B | $3.79B | $3.57B | $3.35B | $4.12B | $2.97B | $2.62B | $3.05B | $299M | · | |
| Current Liabilities | $22.07B | $21.48B | $22.34B | $28.13B | $22.48B | $24.85B | $20.17B | $19.81B | $11.63B | · | |
| Capital Leases | $340M | $462M | $524M | $509M | $626M | $768M | $403M | $0 | · | · | |
| Deferred Tax | $0 | $0 | $824.0K | $2M | $3M | $5M | $30M | $96M | $2M | · | |
| Other Non-current Liabilities | · | · | · | $1.40B | $261M | $210M | $233M | $58M | $6M | · | |
| Total Liabilities | $33.37B | $32.39B | $32.41B | $39.70B | $36.80B | $38.74B | $35.08B | $26.60B | $11.92B | · | |
| Total Debt | $3.23B | $3.95B | $3.57B | $3.35B | $4.12B | $2.97B | $2.62B | $3.05B | · | · | |
| Common Stock | · | · | · | · | · | · | · | · | $23.0K | · | |
| Retained Earnings | $-44.02B | $-43.81B | $-44.57B | $-46.50B | $-47.16B | $-40.97B | $-33.83B | $-23.51B | $-15.02B | · | |
| AOCI | $1.31B | $1.55B | $1.69B | $1.86B | $2.71B | $2.54B | $2.11B | $1.88B | $93M | · | |
| Stockholders' Equity | $13.31B | $13.37B | $12.18B | $6.34B | $5.28B | $9.34B | $9.61B | $18.16B | $-14.32B | $-15.30B | |
| Liabilities + Equity | $46.68B | $45.76B | $44.59B | $46.05B | $42.47B | $48.19B | $44.79B | $44.76B | $20.20B | · | |
| Shares Outstanding | 6,754,381,564 | 6,739,891,165 | 6,716,137,085 | 6,088,666,178 | 5,598,752,855 | 5,486,200,941 | 5,135,516,521 | 5,075,817,301 | 342,548,237 | 342,548,237 |
Cash Flow
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Stock-based Comp | $403M | $544M | $637M | $811M | $1.22B | $1.37B | $1.08B | $556M | $233M | $62M | |
| Deferred Tax | $3M | $-24M | $-1M | $30M | $19M | $-42M | $-77M | $-45M | $-12M | $478.0K | |
| Amort. of Intangibles | · | · | · | · | · | · | $479M | $347M | $113M | $102M | |
| Operating Cash Flow | $106M | $2.11B | $3.35B | $-71M | $-5.95B | $-5.41B | $3.91B | $2.88B | $4.01B | $2.61B | |
| CapEx | $96M | $79M | $37M | $174M | $262M | $241M | $740M | $612M | $1.02B | $400M | |
| Investing Cash Flow | $-327M | $-2.44B | $-1.74B | $266M | $1.26B | $159M | $-11.75B | $-20.95B | $-10.66B | $-6.66B | |
| Net Debt Issued | · | · | · | · | · | · | · | $-99M | · | · | |
| Stock Issued | $0 | $0 | $3.39B | $0 | $500M | $4.46B | $0 | $0 | · | · | |
| Net Stock Activity | $0 | $0 | $3.39B | $0 | $500M | $4.46B | · | · | · | · | |
| Financing Cash Flow | $1.06B | $-1.37B | $-4.29B | $4.47B | $-2.96B | $9.37B | $7.88B | $23.47B | $6.56B | $3.41B | |
| Net Change in Cash | $787M | $-1.69B | $-2.58B | $4.79B | $-7.87B | $4.03B | $149M | $6.03B | $-231M | $-625M | |
| Taxes Paid | $104M | $78M | $35M | $56M | $108M | $98M | $171M | $20M | $22M | $413.0K | |
| Free Cash Flow | $10M | $2.03B | $3.31B | $-245M | $-6.21B | $-5.65B | $3.17B | $2.27B | · | · | |
| Levered FCF | · | · | $2.23B | $-2.74B | $-7.58B | $-6.72B | $2.25B | $2.18B | · | · |
Profitability
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | 0.84% | 6.2% | 9.4% | 4.5% | -14.7% | -20.3% | -31.9% | -33.2% | · | · | |
| Net Margin | -0.76% | 2.6% | 6.0% | -0.47% | -20.2% | -23.7% | -35.6% | -36.4% | · | · | |
| Pretax Margin | -0.22% | 2.9% | 6.4% | -0.12% | -19.7% | -23.5% | -35.3% | -35.9% | · | · | |
| EBITDA Margin | 0.84% | 6.2% | 9.4% | 4.5% | -14.7% | -20.3% | -31.9% | -33.2% | · | · | |
| ROA | -0.45% | 1.7% | 4.2% | -0.31% | -13.6% | -15.1% | -23.1% | -28.1% | · | · | |
| ROE | -1.6% | 6.0% | 20.8% | -2.3% | -84.5% | -74.3% | -74.4% | -474.9% | · | · | |
| ROIC | 4.8% | 9.7% | 18.2% | 47.2% | -48.4% | -49.3% | -76.1% | -39.5% | · | · |
Liquidity & Solvency
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.5 | 0.4 | 0.6 | 0.5 | 0.5 | 0.9 | 1.0 | 1.0 | · | · | |
| Quick Ratio | 0.3 | 0.3 | 0.3 | 0.4 | 0.3 | 0.7 | 0.7 | 0.7 | · | · | |
| Debt / Equity | 0.2 | 0.3 | 0.3 | 0.5 | 0.8 | 0.3 | 0.3 | 0.2 | · | · | |
| Interest Coverage | · | · | 2.6 | 1.8 | -3.3 | -5.7 | -10.1 | -87.7 | · | · |
Efficiency
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.6 | 0.6 | 0.7 | 0.7 | 0.7 | 0.6 | 0.6 | 0.8 | · | · | |
| Receivables Turnover | 11.6 | 13.4 | 13.9 | 11.3 | 10.0 | 8.5 | 8.9 | 9.8 | · | · |
Per Share
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Book Value / Share | $1.97 | $1.98 | $1.81 | $1.04 | $0.94 | $1.70 | $1.87 | $3.58 | · | · | |
| Cash / Share | $0.64 | $0.52 | $0.66 | $1.17 | $0.54 | $1.99 | $1.16 | $0.90 | · | · |
Valuation (TTM)
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $27.29B | $29.23B | $31.87B | $29.00B | $30.55B | $29.71B | $28.99B | $24.99B | · | · | |
| Net Income TTM | $-206M | $764M | $1.93B | $-136M | $-6.17B | $-7.04B | $-10.32B | $-9.11B | · | · | |
| Market Cap | $12.97B | $13.55B | $32.77B | $32.27B | $25.53B | $95.90B | $108.41B | $75.48B | · | · | |
| Enterprise Value | $11.53B | $13.03B | $30.97B | $27.70B | $25.30B | $84.59B | $100.51B | $67.88B | · | · | |
| P/S | 0.5 | 0.5 | 1.0 | 1.1 | 0.8 | 3.2 | 3.7 | 3.0 | · | · | |
| P/B | 1.0 | 1.0 | 2.7 | 5.1 | 4.8 | 10.3 | 11.3 | 4.2 | · | · | |
| P / Tangible Book | 1.4 | 1.5 | 4.1 | 15.5 | 30.3 | 19.9 | · | · | · | · | |
| P / Cash Flow | 122.6 | 6.4 | 9.8 | -457.3 | -4.3 | -17.7 | 27.8 | 26.2 | · | · | |
| P / FCF | 1297.7 | 6.7 | 9.9 | -131.8 | -4.1 | -17.0 | 34.2 | 33.2 | · | · | |
| EV / EBITDA | 50.3 | 7.2 | 10.4 | 21.1 | -5.6 | -14.0 | -10.9 | -8.2 | · | · | |
| EV / FCF | 1153.9 | 6.4 | 9.3 | -113.1 | -4.1 | -15.0 | 31.7 | 29.9 | · | · | |
| EV / Revenue | 0.4 | 0.4 | 1.0 | 1.0 | 0.8 | 2.8 | 3.5 | 2.7 | · | · |
We don't have SEC filings for this ticker yet.
Most recent period on the left · null values shown as ·
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Revenue | $27.29B | $29.23B | $31.87B | $29.00B | $30.55B |
| Operating Margin % | 0.84% | 6.2% | 9.4% | 4.5% | -14.7% |
| Net Income | $-206M | $764M | $1.93B | $-136M | $-6.17B |
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Debt / Equity | 0.2 | 0.3 | 0.3 | 0.5 | 0.8 |
| Current Ratio | 0.5 | 0.4 | 0.6 | 0.5 | 0.5 |
| Quick Ratio | 0.3 | 0.3 | 0.3 | 0.4 | 0.3 |
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Free Cash Flow | $10M | $2.03B | $3.31B | $-245M | $-6.21B |
Institutional owners (13F) 147 filers · $222.5M total · As of June 30, 2026
Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 20 (+1 vs prior Q) | 19 (-10 vs prior Q) | 42 (+7 vs prior Q) | 43 (-10 vs prior Q) | -10.1M |
Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.
| Institution | Value | Shares | % of tracked 13F | Type |
|---|---|---|---|---|
| VANGUARD GROUP INC | $38,534,253 | 20,069,924 | 17.32% | Shares |
| MORGAN STANLEY | $32,561,891 | 31,309,511 | 14.64% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $16,160,785 | 15,539,216 | 7.26% | Shares |
| UBS Group AG | $16,038,374 | 15,421,513 | 7.21% | Shares |
| BlackRock, Inc. | $13,322,659 | 12,810,248 | 5.99% | Shares |
| TWO SIGMA ADVISERS, LP | $11,304,384 | 5,887,700 | 5.08% | Shares |
| GOLDMAN SACHS GROUP INC | $9,329,881 | 8,971,039 | 4.19% | Shares |
| FIL Ltd | $9,051,330 | 8,703,202 | 4.07% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $8,406,793 | 8,083,455 | 3.78% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $7,939,319 | 7,644,204 | 3.57% | Shares |
| Allianz Asset Management GmbH | $6,148,315 | 5,911,841 | 2.76% | Shares |
| NORGES BANK | $5,717,080 | 5,497,192 | 2.57% | Shares |
| STATE STREET CORP | $4,678,871 | 4,498,914 | 2.10% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $4,400,158 | 4,230,921 | 1.98% | Shares |
| Perseverance Asset Management International | $4,056,000 | 3,900,000 | 1.82% | Shares |
| JANE STREET GROUP, LLC | $2,562,456 | 2,463,900 | 1.15% | Put option |
| Oasis Management Co Ltd. | $2,323,778 | 2,234,402 | 1.04% | Shares |
| GROUP ONE TRADING LLC | $2,041,448 | 1,962,931 | 0.92% | Shares |
| TWO SIGMA INVESTMENTS, LP | $1,932,564 | 1,858,235 | 0.87% | Shares |
| D. E. Shaw & Co., Inc. | $1,810,698 | 1,741,056 | 0.81% | Shares |
| JANE STREET GROUP, LLC | $1,667,168 | 1,603,046 | 0.75% | Shares |
| NOMURA ASSET MANAGEMENT INTERNATIONAL INC. | $1,533,000 | 1,473,790 | 0.69% | Shares |
| Invesco Ltd. | $1,459,927 | 1,403,776 | 0.66% | Shares |
| CITADEL ADVISORS LLC | $1,386,348 | 1,333,027 | 0.62% | Shares |
| Triata Capital Ltd | $1,152,419 | 1,108,095 | 0.52% | Shares |
| QUADRANT CAPITAL GROUP LLC | $1,077,707 | 1,036,257 | 0.48% | Shares |
| Weiss Asset Management LP | $945,874 | 909,494 | 0.43% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $855,291 | 822,395 | 0.38% | Shares |
| Legal & General Group Plc | $818,233 | 785,749 | 0.37% | Shares |
| CITADEL ADVISORS LLC | $807,664 | 776,600 | 0.36% | Call option |
| Walleye Trading LLC | $770,848 | 741,200 | 0.35% | Put option |
| NORTHERN TRUST CORP | $767,176 | 737,669 | 0.34% | Shares |
| Brevan Howard Capital Management LP | $696,952 | 670,146 | 0.31% | Shares |
| PineBridge Investments, L.P. | $658,028 | 257,042 | 0.30% | Shares |
| BANK OF AMERICA CORP /DE/ | $649,341 | 624,366 | 0.29% | Shares |
| Squarepoint Ops LLC | $618,650 | 594,856 | 0.28% | Shares |
| PUBLIC EMPLOYEES RETIREMENT SYSTEM OF OHIO | $580,320 | 558,000 | 0.26% | Shares |
| WOLVERINE TRADING, LLC | $557,274 | 212,700 | 0.25% | Call option |
| VANGUARD ASSET MANAGEMENT, Ltd | $556,628 | 535,219 | 0.25% | Shares |
| Bank of New York Mellon Corp | $533,913 | 513,378 | 0.24% | Shares |
| Weiss Asset Management LP | $416,000 | 400,000 | 0.19% | Put option |
| PROFUND ADVISORS LLC | $331,385 | 318,639 | 0.15% | Shares |
| FRANKLIN RESOURCES INC | $325,717 | 313,189 | 0.15% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $295,464 | 284,100 | 0.13% | Call option |
| SIMPLEX TRADING, LLC | $278,273 | 267,571 | 0.13% | Shares |
| California Public Employees Retirement System | $248,759 | 239,191 | 0.11% | Shares |
| Nuveen, LLC | $232,024 | 223,100 | 0.10% | Shares |
| CITIGROUP INC | $220,028 | 211,566 | 0.10% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $212,604 | 204,428 | 0.10% | Shares |
| Russell Investments Group, Ltd. | $200,414 | 195,671 | 0.09% | Shares |
Activists & 5%+ owners 1 position
Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.
| Filer | Filed | Stake | Status | Purpose | Filing |
|---|---|---|---|---|---|
| PAGAC IV-1 (Cayman) Limited, PAGAC IV-2 (Cayman) Limited, PAGAC IV-4 (Cayman) Limited, PAGAC IV-6 (Cayman) Limited, PAG Asia IV LP, PAG Asia Capital GP IV Limited, PAG Capital Limited, Pacific Alliance Group Limited, PAG ×5 filings | Dec. 4, 2024 | · | Initial filing | · | SEC |
Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.
Company insiders 4 insiders · 4 officers · 0 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Ying Ms. Zeng | Interim CFO | May 11, 2026 A | · | 0 | 0 | $0 |
| Youqiao Duan | Senior Vice President | May 11, 2026 A | · | 0 | 0 | $0 |
| Xianghua Yang | Senior Vice President | May 11, 2026 A | · | 0 | 0 | $0 |
| Xiaohui Wang | Chief Content Officer | May 11, 2026 A | · | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
ETF ownership Held by 11 ETFs
Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.
| Fund | Weight | Units | As of | Source |
|---|---|---|---|---|
| QQQS · Invesco Exchange-Traded Fund Trust … | 0.55% | 128,458 SH | Oct. 2, 2026 | Daily |
| PGJ · Invesco Exchange-Traded Fund Trust | 0.39% | 331,318 SH | Oct. 2, 2026 | Daily |
| ECNS · iShares Trust | 0.20% | 139,471 SH | Sept. 11, 2026 | Daily |
| PXH · Invesco Exchange-Traded Fund Trust … | 0.05% | 954,485 SH | Oct. 2, 2026 | Daily |
| EEMS · iShares, Inc. | 0.02% | 102,443 SH | Sept. 11, 2026 | Daily |
| IEMG · iShares, Inc. | 0.00% | 5,342,940 SH | Sept. 10, 2026 | Daily |
| IXUS · iShares Trust | 0.00% | 676,324 SH | Sept. 11, 2026 | Daily |
| VXUS · VANGUARD STAR FUNDS | 0.00% | 7,181,317 SH | Aug. 19, 2026 | Daily |
| VWO · VANGUARD INTERNATIONAL EQUITY INDEX… | 0.00% | 6,822,888 SH | Aug. 19, 2026 | Daily |
| VEU · VANGUARD INTERNATIONAL EQUITY INDEX… | 0.00% | 1,168,699 SH | Aug. 19, 2026 | Daily |
| VT · VANGUARD INTERNATIONAL EQUITY INDEX… | 0.00% | 366,312 SH | Aug. 19, 2026 | Daily |
IQ Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
12-Month Price Target
18 analysts · 2026-10-03Mean target $1.34 +35.0%
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